The government plans to consolidate the public sector banks in order to make them bigger and stronger. The move targets to strengthen the Indian banking sector which is currently undergoing a severe bad loan crisis. Under the consolidation plan, Vijaya Bank and Dena Bank are in discussions to evaluate if a merger between the two banks will increase the level of efficiencies. However, few industry experts believe that RBI and the government should clean up the balance sheets of the banks through the Insolvency and Bankruptcy Code (IBC) before moving towards consolidation.

2017-08-29 :Vijaya Bank launches 100 digital villages

In a bid to bring residents of the village under the formal banking system, Vijaya Bank has announced the launch of 100 digital villages. Through its initiative, the bank has managed to reach out to more than 2.35 lakh customers all of whom will have access to digital banking through debit cards which was not available to them previously. Simultaneously, the bank also plans to achieve further growth in its personal loan segment.

2017-08-10 :Vijaya Bank expects loan growth at 7-8 per cent in FY18

After seeing the deterioration in its asset quality in the current FY18, the bank is planning to achieve strong improvements in loan growth and advances. Loan growth expected to come from micro, small and medium enterprises (MSMEs), retail and mid-corporate sector segments.

2017-08-08 :Vijaya Bank revises MCLR rate

Vijaya Bank has slashed its marginal cost based lending rate (MCLR). For overnight and one month maturities, the rate has been revised to 8.10 per cent, 8.10 per cent while for three month maturities the new MCLR rate is and 8.20 per cent respectively. The new MCLR rate for six month and one year is 8.60 per cent and 8.65 per cent respectively. The new MCLR rates are effective from 7th August, 2017.

Vijaya Bank has reported a significant growth of 57 per cent in its net profit at Rs. 255 crore during the first quarter of FY18 as against Rs. 162 crore during the corresponding quarter of the previous fiscal year. Strong improvements in profits have been driven by repricing of the deposits and strong growth in the bank’s retail lending disbursals and portfolio.

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